Francesca and Michael Carefully Completed the Articles of Incorporation for a Corporation

question 28

Essay

Francesca and Michael carefully completed the articles of incorporation for a corporation they want to incorporate under the Canada Business Corporations Act. They chose a name, "FranMic Corporation" and obtained a name search report. They submitted the report along with the necessary fee and were issued a certificate of incorporation certifying that FranMic Corporation was incorporated on November 12, 2009. They are very pleased that all this paper work is finished and they can start business. Is there anything else they should do or issues they should address as a matter of corporate law?

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Definitions:

Financial Statements

Documents that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement.

Accounting Statements

Financial documents that summarize the financial status and performance of a company, including the balance sheet, income statement, and cash flow statement.

Corporate Income Tax

A tax imposed on the net income or profit of corporations, calculated as a percentage of their earnings.

Working Capital

The gap between a business's present assets versus its current debts, showcasing the liquid funds for operational needs.